Announcement
Announcement under Regulation 30 (LODR)-Award_of_Order_Receipt_of_Order 1 Oct - Blue Dart Aviation receives GST show-cause notice proposing ₹27.10 crore tax demand for FY23-FY24.
Source: Bse
Blue Dart Express Limited (BLUEDART)
Large CapServices stocks · Large cap · NSE
Blue Dart Express is India's market leader in express air and integrated transportation and distribution. It operates an unparalleled integrated air and ground network, including 6 Boeing 757-200 and 2 Boeing 737-800 aircraft, covering 56,400+ locations. DHL Group holds 75% shares.
Data qualityFresh enough for analysisQuote updated 21 Oct, 03:31 pm ISTDetails
Quote21 Oct, 03:31 pm IST
Base fundamentals14 Oct 2026 · screener
Latest result16 Aug, 12:54 am IST
Score21 Oct, 04:30 am IST · v4.3-runtime-valuation
Tags02 May 2026
Coverage13/14 · 93%
Valuation2026-07-20 · Rf 6.8% · Services P/E 17.7 (n=143)
Technical timing lens
Trend score and candlestick chart
22Bearishfull bear SMA stack · SMA20 -7.4% / mo · RSI oversold · MACD − · near 52W low
Stock trend: 22
Sector RS: —
Services FPI tailwindNot confirmed
Latest mapped FPI equity flow was not positive. View sector evidence
Technical chart
BLUEDARTD candles · FIT view-19.1%Latest close ₹4386.80 on 2026-10-21
Bar
+0.2%
RSI
23
MACD hist
-8.84
52W pos
2%
2026-10-21O ₹4380.00H ₹4409.90L ₹4363.10C ₹4386.80Vol 10,843 sh
Up bar
Down bar
EMA 20
EMA 50
Volume + 20D avg
Result date
RSI(14)
MACD / signal
Market context
Relative performance and chart statistics
Adjusted completed-session prices, rebased to 100
BLUEDARTNifty 500
- BLUEDART
- -9.9%
- Nifty 500
- -6.5%
- Vs Nifty 500
- -3.4 pp
Chart stats
21 Oct 2026- From 52W high
- -37.7%
- 52W range position
- 2%
- ATR (14)
- 2.3%
- Volume vs 20D
- 0.58x
- Avg traded value
- ₹8.6 Cr
- 20D price channel
- ₹4,346 - ₹4,844.9
₹7,036
₹4,346 - ₹7,036
₹101.2
Latest completed session
20-session average
18.8% annualized volatility
No exact NSE sector index is mapped for this company. Nifty 500 remains the broad-market comparison.
Research snapshot
What the evidence says now
Mixed fundamentals, management evidence is still limited to a financial-only Trust Lite signal, price trend argues for patience, and recent execution is consistent.
Suggested next step
Research, do not rush
The evidence is not strongly aligned. Compare peers and wait for a cleaner setup.
U-Score
Legacy · FAIR VALUE47
Fundamental lens: valuation, quality, growth, balance sheet, and cash flow.
Latest result
Excellent90
Revenue +15.0% · PAT +79.6% YoY
Technical
Bearish22
Price trend and sector-relative-strength timing.
Valuation
Legacy model-36.6%
Legacy margin-of-safety estimate; the revised evidence label remains in shadow validation.
Trust
Limited evidence74
Financial-only signal; management claim evidence is not sufficient yet.
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Financials
Fundamentals, quarterly history, margins, returns and balance-sheet evidence
Latest result
Quarter ended 30 Jun 2026
Excellent · 90/100Rev +15% YoY · PAT +80% YoY · margin expansion · +8% QoQ · operating leverage
Filed 30 Jun 2026
Open results browser →| Metric | This quarter | YoY | QoQ |
|---|---|---|---|
| Revenue | ₹1,658 Cr | +15.0% | +8.2% |
| EBITDA | ₹261 Cr | +33.2% | +17.6% |
| Operating margin | 16.0% | +200 bps | +200 bps |
| PAT | ₹88 Cr | +79.6% | +79.6% |
| PAT margin | 5.3% | +191 bps | +211 bps |
NDF means not disclosed in the current structured filing feed. It is intentionally not treated as zero.
Fundamentals
Valuation
- P/E
- 33.10
- P/B
- 6.03
- EV/EBITDA
- 7.56
- Market Cap
- 10717.00Cr
Profitability
- ROE
- 15.70%
- ROCE
- 15.80%
- ROA
- 6.95%
- Dividend Y
- 0.55%
Growth (CAGR)
- Revenue 5Y
- 13.00%
- EPS 5Y
- 18.00%
- Revenue 3Y
- 6.00%
- EPS 3Y
- -10.00%
Balance Sheet
- Debt/Equity
- 0.64
- Interest Coverage
- 11.55×
- Altman Z
- 5.84
- Book Value
- 749.00
Cash Flow
- FCF Yield
- 4.62%
- FCF Positive Y
- 10/5
- OCF
- 810.00 Cr
- EPS TTM
- 120.98
Shareholding
- Promoter Hold
- —
- Promoter Pledge
- 0.00%
- Momentum 52W
- 2%
Financial History
Updated 21/10/2026
Revenue
₹ CrLatest: 1,658+8.2% vs prev
Net Profit
₹ CrLatest: 88.0+79.6% vs prev
ROE is shown only in the Annual view — quarterly equity data isn't published.
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Technicals
Trend interpretation, Stage 2, relative strength, volume and indicator evidence
Daily technical trend read
Bearish setupTrend is weak — long-term trend down. RSI 23.
- Price < SMA20 < SMA50 < SMA200 — full bearish stack.
- SMA20 falling (~8.0% over last month) — short-term momentum negative.
- RSI(14) at 23 — oversold zone; bounce conditions.
- MACD below signal, histogram expanding negatively — bearish momentum building.
- Within 5% of 52-week low — testing support.
Mechanical read from the price + indicator series above. Not a recommendation — technical setups can reverse without warning, especially around earnings and macro events.
Nifty 500 leadership
Relative Strength & Trend Stage
16
RS percentile
Stage 4 Downtrend
1M return
-8.7%
3M return
-9.9%
6M return
-18.0%
1Y return
-33.3%
RS 1D
-9
RS 20D
-9
Sector rank
#3
Industry rank
-
Stage evidence
- Price is 11.5% below the 30-week proxy.
- The 50-DMA is below the 30-week proxy and its slope is falling -2.1%.
- Both 3-month and 6-month returns are negative.
50-DMA
price below
200-DMA
price below
Sector
leading
Industry
unranked
Relative-strength line vs Nifty 500 (base 100)
262 observations
21 Oct 2026Value 81.89+1.09%
RS vs Nifty 50082
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Valuation & peers
U-Score 47 · legacy U-Score band FAIR VALUE · valuation evidence and comparable companies
Financial Turnaround
Fundamental score breakdown
U band · FAIR VALUEValuation1/30
Growth15/25
Quality11/20
Balance Sheet6/15
Cash Flow8/10
Piotroski
8/9 (+5)
Penalties
1
Raw sum
47
Why this score?
Top U-Score contributors and drags from the latest stored fundamentals.
47/100 · legacy band FAIR VALUE
Positive drivers
- FCF yield is supportive at 4.6%.
- Piotroski is strong at 8/9.
- Cash flow contributes 8/10 to the score.
Main drags
- Fair-value margin of safety is negative at -36.6%.
- Valuation is weaker at 1/30; verify the latest quarterly trend.
- Balance sheet is weaker at 6/15; verify the latest quarterly trend.
Sector valuation model
Blended valuation: PE, EV/EBITDA, FCF yield, and balance-sheet checks
For this sector, IndiaPulse uses a blended lens rather than relying on a single valuation ratio.
Primary lens
PE, EV/EBITDA, margin of safety, and FCF yield together.
Secondary checks
ROE/ROCE, growth, cash conversion, leverage, promoter risk.
Main risk check
One cheap metric is not enough if quality or cash flow is weak.
PE
33.1
PB
6.0
EV/EBITDA
7.6
ROE
15.7%
ROCE
15.8%
FCF Yield
4.6%
Debt/Equity
0.6
MoS
-36.6%
Score movement
Stored run vs live recompute
This shows the stored score trend when snapshots exist, and also compares the latest stored nightly score with a live recompute from current fundamentals and price.
Stored run: 21 Oct 2026
v4.3-runtime-valuation
Final score
47
Previous: 47
Legacy U-Score band
FAIR VALUE
Previous: FAIR VALUE
Margin of safety
-36.6%
Previous: -36.4%
Score history
12 stored score snapshots. Latest stored move: +0 points.
21 Oct 2026
v4.3-runtime-valuation
47
47
47
47
47
47
47
47
47
47
47
47
Factor attribution
No pillar movement versus the latest stored run. Historical score trend will appear after snapshot storage is enabled.
Modelled fair value
Graham Number
₹1,427.87
-207.2% MoS
Growth-justified P/E
26.6
Growth-justified Value
₹3,212.02
-36.6% MoS
PEG
1.84
Comparable companies
Peers
Business-comparable peers in Services — ranked by industry, sub-sector, theme-tag overlap, market cap, and U-Score similarity. Green cells mark the best available peer metric in this table.
Ticker
Name
Why peer
Score
PE
ROE
MoS
Verdict
SCI
Large
Shipping Corporation Of India Limited
Logistics
match 61
79
8.3
15.0%
+70%
DEEP VALUE
SHREEJISPG
Small
Shreeji Shipping Global Limited
Logistics
match 58
46
79.5
29.9%
-213%
FAIR VALUE
TCI
Small
Transport Corporation of India Limited
Logistics
match 55
65
14.8
19.2%
+46%
UNDERVALUED
BLACKBUCK
Micro
BLACKBUCK LIMITED
Logistics
match 55
32
63.2
12.2%
-136%
WATCHLIST
TVSSCS
Micro
TVS Supply Chain Solutions Limited
Logistics
match 54
32
78.6
9.7%
-213%
WATCHLIST
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business, management & trust
Growth engines, risks, management commitments and evidence-backed delivery
Business and thesis
Where growth can come from, and what can break the case
Thesis under stressReviewed 2026-06-03T16:40:32.614Z
Management commentary snapshot
Consolidated Revenue from operations for FY2025-26 grew to INR 61,409 mn (YoY +7.35%). Consolidated EBITDA margin was 16.05% for FY2025-26, up from 15.87% YoY. Q4 FY2025-26 consolidated EBITDA margin was 15.14%, down from 15.77% YoY and 17.92% QoQ.
The company maintains market leadership and consistent annual growth. Strategic investments in network and technology are ongoing. However, Q4 FY2025-26 consolidated EBITDA margin declined YoY and QoQ, and an exceptional item impacted EBT, warranting close monitoring of profitability trends.
Growth engines
Market Leadership in B2B Express & eCommerce
Sustainable growth momentum, unique position for B2B express & eCommerce.
Investments in Infrastructure & Technology
Investments in building a robust infrastructure to meet increasing demands. AI/ML solutions, automation, digital solutions, and drone-based last-mile deliveries.
Focus on SME & MSME Segments
Increasing customer count and business from the SME's & MSME's base with a dedicated customer-centric team.
Enhanced Ground Product for eCommerce
Blue Line competitive pricing & transit time, real-time tracking, slotted deliveries, extended reach, reverse pickup/exchange, COD/POS capabilities.
Tailwinds
Government Focus on Logistics
Gati Shakti Master Plan, National Logistics Policy, eCommerce Policy, Dedicated Freight Corridors, and improved road infrastructure.
Make in India Initiative
Government initiative to promote manufacturing and assembly in India, potentially increasing logistics demand.
Digital Commerce Expansion
Acceleration of eCommerce and more demand for last-mile solutions, supported by Open Network for Digital Commerce (ONDC).
Technology Adoption
Accelerating impact of process technology and automation, including AI/ML, digital solutions, and drone deliveries.
Headwinds
West Asia Crisis Impact
Disrupted energy supply chains (crude oil, natural gas, fertilisers) due to production, storage, and transport constraints, causing supply shortages and higher prices.
Management accountability
What management said, and what results must prove
Issuer guidance and extracted claims are tracked against later reported outcomes. Treat these as management statements, not IndiaPulse forecasts.
Analyst reading lens
Compare BOTH
YoY comparison is crucial for assessing underlying growth and performance against similar periods, given potential seasonality in express logistics. QoQ is important to track sequential momentum, utilization, and the immediate impact of operational changes or market shifts.
Sector KPIs management disclosed
Total Shipments (FY2025-26)
404 Million shipments.
Total Tonnage (FY2025-26)
1,439 thousand tonnes.
Locations Covered
56,400+ Locations covered.
EBITDA Margin (Consolidated FY2025-26)
16.05% for FY2025-26, up from 15.87% in FY2024-25.
Management forward view
Maintain Market Leadership
Aim to achieve and maintain leadership status and pole position in both Air and Ground express segments.
Expand Pin Code Coverage
Increase pin code coverage and footprint to cover 98% of Country's GDP.
Enhance Digital Interface & Automation
Improve digital interface with all stakeholders and increase automation levels across processes.
Focus on E-tailing Profitability
Strengthen the e-tailing segment's profitability.
Thesis monitor
Numbers and claims to verify in the next filings
| Checkpoint | Current evidence | What to verify next |
|---|---|---|
| Consolidated EBITDA Margin | 15.14% (Q4 FY2025-26) | Sustained improvement in sequential and YoY margins, especially after the Q4 decline. |
| Consolidated EBT Margin | 4.69% (Q4 FY2025-26, after exceptional item) | Recovery in EBT margins, monitoring the impact of any future exceptional items or labor code adjustments. |
| Revenue Growth | 7.35% YoY (FY2025-26) | Continued healthy revenue growth, particularly from SME/MSME and e-tailing segments. |
Verification checkpoints are IndiaPulse research interpretation, not investment advice.
Trust Score
74Limited evidence · low confidenceTrust Lite
Trust asks: does management behaviour match later outcomes? Higher is better, but confidence and evidence depth matter as much as the number.
Limited evidence: Claim history is still being built. It ranks around the 75th percentile of the scored universe and 81st percentile within Services. No major sub-score weakness stands out.
This is a financial-behaviour screen, not a claim-tested management reliability verdict.
Computed 21 Oct 2026
management-trust-v1
100 docs text-extracted · 21 concalls text-extracted
Score band
Limited evidence
Financial behaviour is scored, but management claims do not yet have enough outcome checks.
Relative rank
75th percentile
overall median 67 · Services: 81st pctile, median 66 · Large: 55th pctile, median 73
Evidence depth
Financial-only
100 documents have extracted text, but claim history is not strong enough yet.
Claim delivery
Outcome history still building
0 claims extracted · No contradicted claim yet
How to read this Trust Score
Limited evidence · low confidenceWhat it measures
Reliability of management and financial delivery, using financial behaviour only.
Confidence
Treat this as an early read until more concalls and outcomes are matched.
Investor use
Acceptable, but check the weakest sub-score before increasing exposure.
Read Trust alongside U-Score, result consistency, and technical trend. A cheap stock with weak Trust needs a larger margin of safety; a high Trust score does not make an expensive stock attractive by itself.
Forensic breakdown
Read low sub-scores as due-diligence warnings, not automatic sell signals.
Promoter
78
strong · holding, pledge, alignment
Cash flow
77
strong · profit to cash conversion
Balance sheet
81
strong · leverage and solvency
Discipline
60
acceptable · capital discipline
Results
75
strong · quarterly consistency
Trust positives
- ▸Promoter pledge is zero.
- ▸FCF yield is positive at 4.6%.
- ▸10 years of positive FCF.
- ▸4/4 latest quarters had positive YoY revenue growth.
Trust risks
- ▸No major Trust Lite risk flags.
Trust Lite uses financial behaviour only. Prefer claim-tested Trust when enough concall claims have later outcomes.
Continue researching Blue Dart Express Limited
Important announcements & filings
Latest exchange and company disclosures found within the past two years.
Open source ↗
Announcement
Announcement under Regulation 30 (LODR)-Resignation of Director 23 Sep - Board approved R.S. Subramanian’s MD appointment, named Sebastian Paeßens chairman, and noted director exits effective September 25–26, 2026.
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 29 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 1 Aug
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 20 Jul
Source: Bse
Announcement
Announcement under Regulation 30 (LODR)-Newspaper Publication 28 May
Source: Bse
Announcement
Compliances-Reg.24(A)-Annual Secretarial Compliance 26 May - Blue Dart filed FY2025-26 secretarial compliance report; three minor RPT approvals were later ratified.
Source: Bse
Annual report
Annual Report 2026
Source: Bse
All information is for study purposes only. For investment decisions, consult your financial advisor. See Playbook for methodology.